SBI Life - Shubh Nivesh

Coverage

Participation Bonus – The policy is eligible for a share of profits coming out of ‘participating life insurance business’ as Terminal Bonus and Regular Simple Reversionary Bonus.

Death Benefit – In the unfortunate event of death of life insured during policy term, respective beneficiaries will receive the higher of:

Endowment option:

1. Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any. OR
2. Annualized premium multiplied by a factor of 5 (if policy term is less than 10 years), 7 (if life assured is 45 years or more and policy tenure is 10 years or more) or 10 (if life assured is less than 45 years and policy tenure is 10 years or more) + Vested Simple Reversionary Bonuses + Terminal bonus, if any. OR
3. 105% of all premiums paid.

Single premium:

1. Basic Sum Assured + Vested Simple Reversionary Bonus + Terminal bonus, if any. OR
2. Annualized premium multiplied by a factor of 1.25 (if life assured is less than 45 years when policy was purchased) or 1.10 (if life assured was 45 years or more when policy was purchased) + Vested Simple Reversionary Bonuses + Terminal bonus, if any.

Endowment with Whole Life option:

1. If death occurs before the endowment term is completed, then Death Benefit will be paid out as per the Endowment Option and Single Premium option as discussed above according to the premium payment frequency chosen.
2. If death occurs after the end of endowment term but before the life assured turns 100 years, then Basic Sum Assured will be paid.

Maturity Benefit –

Endowment option:

1. If the life assured survives the policy term, he/she will be eligible for Basic Sum Assured + Vested Simple Reversionary Bonus + Terminal Bonus, if any.

Endowment with Whole Life option:

1. If the life assured survives the policy term, he/she will be eligible for Basic Sum Assured + Vested Simple Reversionary Bonus + Terminal Bonus, if any.
2. An additional amount will be paid if the life assured completes 100 years of age.

Deferred Maturity Payment option:

1. This option can be chosen at the end of Endowment maturity wherein Basic Sum Assured is taken as income spread over specified period.
2. Instalment payments to be made at applicable interest rates at the time of endowment maturity date.

Basis

Individual

Policy term

Endowment option –

1. Minimum: 7 years (regular premium), 5 years (single premium)
2. Maximum: 30 years

Endowment with Whole Life option –

1. Minimum: 15 years (regular premium, single premium)
2. Maximum: up to 100 years

Premium paying term

Same as policy term

Premium payment frequency

Yearly, half yearly, quarterly and monthly

Surrender Value

Regular premium policies:

Single premium policies:

1. Guaranteed Surrender Value of 70% of Single premium paid in case the policy is surrendered within 3 years.
2. Guaranteed Surrender Value of 90% of Single premium paid in case the policy is surrender in the 4^th policy year or later.

Renewability

Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as extra premium, rider premiums and a written request along with Good Health Declaration.

Loans

Loans are available from the time the policy acquires surrender value. Policy loan amount is limited to 90% of the Special Surrender Value.

Grace period

1. 30 days for yearly, half yearly and quarterly premium payment plans
2. 15 days for monthly premium plans

Free Look Period

15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. 30 days free look period is offered if the policy has been purchased through distance marketing channels. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

Tax Benefits

Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details.

Riders

Ability to add riders as per individual preferences

1. Accidental Death Benefit Rider
2. Accidental Death & Permanent Disability Benefit Rider
3. Preferred Term Rider

Half-yearly

52% of annual premium

Quarterly

26.5% of annual premium

Monthly

8.90% of annual premium

Single premium (based on minimum Sum Assured)

No limit

Yearly: Rs.6,000

No limit

Half-yearly: Rs.3,000

No limit

Quarterly: Rs.1,500

No limit

Monthly: Rs.500

No limit